NEW YORK ( TheStreet) -- Covidien (NYSE: COV) hit a new 52-week high Thursday as it traded at $52.49 compared with its previous 52-Week high of $52.48. Covidien is changing hands at $52.48 with 1.7 million shares traded as of 11:26 a.m. ET. Average volume has been 5.5 million shares over the past 30 days.

Covidien has a market cap of $25.4 billion and is part of the health care sector and health services industry. Shares are up 12.6% year to date as of the close of trading on Wednesday.

Covidien plc develops, manufactures, and sells healthcare products for use in clinical and home settings in the United States and internationally. The company has a P/E ratio of 16.2, above the average health services industry P/E ratio of 15.7 and below the S&P 500 P/E ratio of 21.5.

TheStreet Ratings rates Covidien as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share, attractive valuation levels, expanding profit margins and notable return on equity. We feel these strengths outweigh the fact that the company shows weak operating cash flow. You can view the full Covidien Ratings Report.

See all 52-week high stocks or get investment ideas from our investment research center.

If you liked this article you might like

Jim Cramer -- Deal Activity in Specialty Pharma Reaches a Frenzied Pace

Mallinckrodt Buys Ikaria in $2.3 Billion Hospital Treatment Deal

Stryker and Smith & Nephew Are the Stars to Watch in Medtech's 2015 Merger Dance

Medtronic Avoids U.S. Taxes While Saddling Shareholders With a Hefty Tax Bill

Trim Positions in Stryker Ahead of Fourth-Quarter Earnings; Buy on Pullback